By Randy Dawkins
If the open water and its promise of fun are calling your name, you might be wondering how you go about buying a boat, whether it?s your first watercraft or a subsequent boat purchase. After all, there?s plenty to explore on Lake Martin?s 40,000 acres, be it cruising the open water, wakeboarding, fishing or skiing.
If you are a longtime boat owner, you know that owning a boat requires some planning. Here are some questions we suggest you ask as you start thinking about a boat purchase. Knowing the answers can help you have a hassle-free purchase.
Q. What is your budget?
A. Even before you start looking for your dream boat, you need to have a budget in mind. Having a budget will help keep the process smooth and enjoyable. One way to get started is to make a list that includes all your expected costs of owning a boat, so you can be sure to choose a craft that matches your needs at a price that matches your budget. Among the costs to consider are monthly loan payments (if you don?t pay cash), insurance, storage, fuel and mechanical maintenance.
Q. If you own a boat now or have owned a boat in the past, what experience from having that boat can help you in deciding about your next purchase?
A. If you own a boat now, or have owned a boat in the past, you can use your previous experience to help you determine the type of boat that will match your needs. Ask yourself what you would change, if anything, about your previous boat. What would you want to stay the same?
Q. How are you planning to use your boat?
A. Fishing? Wakeboarding and water skiing? Tubing? Not all boats are created for the same purposes. Knowing how you want to use your boat can make the search for a new boat easier. What will the primary use be for your new boat? For example, a pontoon boat is terrific for relaxing and cruising, but probably isn?t the best choice if you want to take your kids wakeboarding on the weekends.
Q. What is insurance going to cost for this new boat?
A. This is something that boat buyers often overlook. While insurance for most boats is relatively inexpensive compared to other types of insurance, it?s something that you will still want to factor into your budget. The cost will depend, in part, on the value of the boat.
Q. If you are buying a used boat, has it been used a lot in salt water?
A. This is a good thing to think about if the boat you are buying has spent a lot of time in salt water. A boat that has spent time in salt water may need additional maintenance or conditioning. Jimmy Hamilton, new boat sales support manager at Russell Marine, suggests flushing the engine and thoroughly cleaning the outside of a boat that has been in salt water.
Q. What size boat will be best for you?
A. Having a full understanding of what the boat will be used for will help you pick the appropriate size, along with making sure you have the right motor and furnishings. Several vital features to keep in mind when shopping for your boat are engine type/power, size of boat and the number of passengers you expect to have. Always count on more passengers riding in your boat then you expect. Don?t forget to plan for adequate storage areas for gear. And remember that the overall life of your boat is determined by the methods and materials used in its construction, along with how well you maintain the boat after you buy it.
Q. Will you buy new or used?
A. Either way, now is a good time to buy. Billy Johnson, general manager at Harbor Pointe Marina, said he has seen firsthand how the difficult economy has provided an excellent opportunity for buyers in terms of prices. New boats, of course, should provide you with trouble-free operation right from the start. Used boats, on the other hand, require a more extensive checkup before you buy, because they often are no longer covered by the manufacturer?s warranty.
Q. How flexible are boat sellers these days?
A. Some dealers may be willing to negotiate prices; this depends on the time of year, manufacturer?s incentives to dealers, and of course, model availability. A good time to look for deals can be at the end of the boating season, when sales of new boats slow down, and boat owners selling used boats may be more motivated to make a deal.
Based in Alexander City, Randy Dawkins is Senior Vice President and Commercial Lender for Aliant Bank, a division of USAmeriBank. With over 21 years of experience at the bank, Randy assists customers in a wide variety of ways, including helping with boat loans.
Source: http://living.lakemartinmagazine.com/2012/08/27/3733/
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